NEAR Protocol has staged a strong rally, surging nearly 285% from its earlier lows before encountering a key resistance zone. The token is trading around $5.09 on the latest weekly chart after being rejected near $5.97, with continued inflows into Bitwise's NEAR spot ETF adding another dynamic for traders to monitor.
Technical Setup at $5.97 Resistance
NEAR faces a critical technical test as the latest weekly candle shows the token trading near $5.09 after dropping 13.66% during the period, highlighting selling pressure in this zone. Open interest reached above $50 million before falling to nearly $35.81 million, indicating a reduction in leverage following the rally.
The price is testing a descending trendline alongside horizontal resistance around $5.97. A sustained weekly close above this level, supported by renewed growth in open interest and stronger trading volume, could strengthen the bullish outlook and open the way toward the $6 range.
Key Support and Resistance Levels
Traders are monitoring several price zones that could determine NEAR's next directional move:
- $5.97 to $6 – Resistance: A sustained weekly close above this range could strengthen the bullish outlook and open the way for a renewed rally
- $5.05 – Immediate support: Holding this area could help NEAR stabilize and attempt another move toward resistance
- $4.30 – Support: If selling pressure increases and $5.05 fails, this level becomes the next important downside reference
Bullish and Bearish Scenarios
Bullish Case
If NEAR holds above $5.05 and buying pressure returns, the token could attempt to reclaim $5.97. A weekly close above resistance, supported by stronger trading volume and renewed open-interest growth, would provide stronger evidence of bullish continuation. Sustained ETF inflows could further support market sentiment.
Bearish Case
If NEAR fails to hold $5.05 and selling pressure persists, the price could move toward $4.30. Continued weakness alongside declining open interest would suggest that derivatives participation is cooling.
Outlook
NEAR faces a key test at $5.97 as traders weigh cooling open interest against reported Bitwise ETF inflows. A weekly close above resistance could strengthen bullish momentum, while a breakdown below $5.05 may expose support near $4.30. For now, the focus remains on whether buyers can regain control and push NEAR toward the $6 range.
